Affordable Housing, Community Development

May Home Sales in CT Increase, But Prices Still Declining

July 15, 2015

The Warren Group

According to the Warren Group, May was the fourth consecutive month of increases in Connecticut for single-family home and condo sales, but prices remain stagnant. The numbers show single-family home sales in May increased by 13.8% to 2,357 from 2,072 the same time last year. Year-to-date (YTD) single-family home sales and condo sales also increased, by 9.3% and 7.4%, respectively. However, median sales price fell for both single-family homes and condos.

Statewide the median single-family home price fell by 0.3% to $265,000 in May 2015 from $265,750 May 2014. The YTD price fell by 1.9% to $238,500 from $243,000 the same time last year. Half of the counties experienced median sales price decreases with Windham County dropping the most from $172,950 in May 2014 to $154,950 in May 2015 for an 8.8% decrease. Middlesex County had the largest rise with a 7.2% increase from $250,000 last year to $268,000 this year. Five of the counties experienced slight increases in YTD median sales price while the other three experienced slight decreases.

The median sales price for condos dropped by 2.8% to $162,500 May 2015 from $167,250 May 2014. The YTD condo median sales price posted a 3.0% decrease from $162,950 last year to $158,000 this year. Five counties experienced median sale price declines in May with Windham County dropping 38.0% from $187,450 last year to $116,250 this year. New London County had the largest increase with a 19.1% change from $148,250 last year to $176,600 this year. Only two counties had an increase in YTD median sales price. Windham County increased by 16.6% from $115,550 the same time last year to $134,775 this year. New Haven County had no change and Litchfield County had the largest drop from $128,000 last year to $99,875 this year for a 22.0% decline.